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FG orders all mobile payment companies, telecoms to block all access to mobile loan firms.

The Federal Government has directed payment systems operators, PSOs, as well as telecommunication companies in Nigeria to stop providing access to illegal digital money lenders, also known as money sharks, in Nigeria.

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Leader Vice Chairman/Chief Executive Officer of The Federal Competition and Consumers Protection Commission (FCCPC) Babatunde Irukera, unveiled this on Thursday, August 18, in Lagos, when the Commission directed implementation activities against a credit organization known as Soko Lending Limited.

He allegedly said that FCCPC will attempt to safeguard residents by incapacitating or lessening violators’ capacity to dodge administrative endeavors.

“Soko Lending has all the earmarks of being the most important computerized cash moneylender with various applications and brand names covering a critical portion of the advanced/web based loaning business sector, and perhaps of the most productive entertainer in disregarding purchaser security, fair loaning terms and moral credit reimbursement/recuperation rehearses.”

“The Commission has likewise entered further Orders that will debilitate or decrease violators’ capacity to devise avoidance endeavors or elective systems to dodge the goal of the examination and security of residents.

“Especially, the Commission has requested all working installment frameworks including Flutterwave, Opay, Paystack and Monify to promptly cut it out giving installment or exchange administrations to moneylenders being scrutinized or not in any case working with pertinent administrative endorsements.

“FCCPC has likewise requested media transmission/innovation organizations (counting Mobile Network Operators (MNOs)) to quit it giving server/facilitating, or other key administrations, for example, availability to uncovered or known moneylenders who are targets/subjects of examination or generally working without administrative endorsement.

“The between office Joint Regulatory and Enforcement Task Force has created and commonly embraced a Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 as the first and in-between time move toward laying out a reasonable administrative system.”

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